For entrepreneurs and investors, starting a business in another country is a strategic way to acquire alternative residence as well as expand your access to global markets and enable greater wealth creation opportunities for yourself and your family. Filipinos who start a business in Canada can get permanent residence to this thriving North American country in 12–31 months through the Canada Start-Up Visa Program.
Canada — A high quality of life and abundant global opportunity
Canada is frequently voted one of the best countries in the world to live in. It is well known for its high standard of living and low crime rate as well as its multicultural, tolerant, and vibrant cities. It is also a top international business hub, making it the perfect option for wealthy Filipino investors and entrepreneurs looking to expand their global reach and open up new avenues of creating and preserving wealth.
According to the Henley Passport Power index, the Philippines accounts for approximately 0.4% of the global GDP, and an individual with a Filipino passport has visa-free or visa-on-arrival access to only 67 destinations worldwide, which altogether account for less than 10% of the global economy.
Canada, on the other hand, boasts a national share of global GDP of over 2% just on its own. Since Filipinos qualify for Canadian citizenship after three years of residence (or 1,095 days within a five-year period), successful applicants to the Canada Start-Up Visa Program who obtain citizenship would be able to travel to 186 destinations around the world without needing a visa in advance. Furthermore, Canadian citizens have visa-free or visa-on-arrival access to an impressive 74% of the global economy. This includes the USA, Canada’s closest neighbor and the largest economy in the world, which accounts for over 25% of global GDP.
Key advantages of investing in Canada
Here are a few more reasons why the Canada Start-Up Visa Program is an excellent choice for Filipino families:
- Family members are included in your application for residence
- Access to top educational institutions
- Affordable, world-class healthcare
- Global cities that embrace a wide range of cultures and freedom and human rights, including those of the LGBTQ2SIA+ community, with same-sex unions respected throughout the nation
- A robust economy with a strong currency and close ties with the US market
- Minimal application requirements — There is no age restriction, net worth requirement, or higher education needed to apply for this program
Requirements of the Canada Start-Up Visa Program
To obtain permanent residence in Canada, entrepreneurs can propose an innovative, scaling start-up business, approved by a designated organization, through one of the following options:
- Business incubation: No minimum investment is required.
- Angel investment: Raise CAD 75,000 from an angel investment group, depending on a certain stage of the business.
- Venture capital fund: Raise CAD 200,000 from a venture capital fund, depending on a certain stage of the business.
For all three options, additional fees apply for optional consulting, government fees, business structure, document processing, and immigration filing.
Successful applicants must be in good health and have English or French language proficiency at the CLB/IELTS 5 level. After receiving their visas, they can move to Canada with their families and live, work, and study there without restriction (except in Quebec).
To find out more about how you can gain permanent Canadian residence through this program and create greater opportunities for you and your family, reach out to Scott Moore, Head of the Philippines office at Henley & Partners — the global leader in residence and citizenship by investment.
ADVT.